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Can you summarize IC 28-1-21.6?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Charter Conversion of Mutual or Stock Savings Associations to Commercial Banks
Short Summary
This legal document, governed by the Indiana Code, specifically addresses the procedures for charter conversion of mutual or stock savings associations to commercial banks. The document outlines the requirements and steps that savings associations must follow for a successful charter conversion. These include preparing and submitting a plan of charter conversion to the Department of Financial Institutions, adoption of the plan by the board of directors, approval by the department, and obtaining the approval of the plan by the voting parties. The plan of charter conversion must comply with the requirements of the primary federal regulator and may need to stipulate the manner of distribution of stock in the case of a charter conversion by a mutual savings association. The document also emphasizes the importance of providing relevant information to the department and complying with the regulations of the primary federal regulator. Overall, this document provides a framework for the conversion process and ensures that the necessary steps are followed for a successful charter conversion.
Whom does it apply to?
Savings associations, the Department of Financial Institutions, primary federal regulator, voting parties
What does it govern?
Procedures for charter conversion of mutual or stock savings associations to commercial banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Indiana